Overview
- SEIU-United Healthcare Workers West submitted more than 1.5 million signatures for a constitutional amendment to levy a one-time 5% tax on residents with at least $1 billion in assets, now awaiting state verification for the November ballot.
- The proposal would let California tax most personal property and financial assets above the $1 billion threshold and would create a reserve fund that directs about 90% of the money to healthcare programs.
- Supporters say the measure could raise roughly $100 billion over five years for healthcare, education and food aid, while the state’s nonpartisan fiscal analyst projects far lower short-term revenue and warns of ongoing losses if wealthy residents leave.
- Google co-founder Sergey Brin has funded two ballot measures that target the union plan, with one seeking to ban personal-property taxes, including retroactive ones, and another pushing audits of new taxes and a shift of any proceeds to education.
- If multiple measures qualify, California’s rules give victory to the initiative that earns more yes votes, setting up a direct contest that unions, tech donors and local officials are already rallying around, including May Day events where workers described high living costs and backed taxing extreme wealth.